Fed Minutes are comprehensive recaps of Federal Open Market Committee meetings; a detailed look at the debates and discussions that shape our nation’s monetary policy. As such, they’re released 8 times annually; 3 weeks after the most recent FOMC meeting.

Fed Minutes can be viewed as the unabridged version of the succinct, more well-known “Fed Statement” that’s released to markets immediately post-adjournment.

This is a huge increase from just 11 weeks ago when mortgage rates were riding an 8-month-long hot streak, and appeared headed into the 3s. Then the Federal Reserve intervened.

On November 3, as additional support for markets, the Fed announced its second round of bond buys, a $600 billion program dubbed QEII — short for Quantitative Easing, Round II. Wall Street got spooked on the news; investors feared runaway inflation.

Today, the Federal Open Market Committee voted 10-to-0 to leave the Fed Funds Rate unchanged within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that since December’s meeting, economic growth is ongoing, but at a pace deemed “insufficient” to make a material impact on the jobs market. In addition, the Fed said household spending “picked up” late last year, although it continues to be held back by joblessness, tight credit and lower housing wealth.

This is similar to the language used in the FOMC’s November and December 2010 statements.

Also like its last two statements, the Fed used this month’s press release to re-affirm its plan to keep the Fed Funds Rate near zero percent “for an extended period”, and to keep its $600 billion bond market support package in place.

The IRS has a page on their website where you can actually track the status of your tax refund. If you owe money then stop reading now, wait until the last minute and pay your dues!

If you’re still reading, then we’ll assume your expecting some money back. You can generally get information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return.

Heads must be spinning in the data world today, three reports released this morning offer a glimpse into the winter housing market: * Housing starts rose 3.9 percent in November, but gains could be influenced by the seasonal adjustment process, accoding to the Department of Commerce. Single-family permits are running below starts, which continues to suggest a weak outlook. * CoreLogic’s October Home Price Index (HPI) shows that home prices in the U.S. declined for the third month in a row. It said that home prices, including distressed sales, declined by 3.93 percent in October 2010 compared to October 2009 and declined by 2.43 percent in September 2010 compared to September 2009. Excluding distressed sales, year-over-year prices declined by 1.5 percent in October 2010 compared to October 2009. In the Twin Cities metro area home prices, including distressed sales, declined by -3.62 percent in October 2010 compared to October 2009. Excluding distressed transactions, year-over-year HPI for October is -3.72 percent. * Freddie Mac weekly survey shows that both fixed- and short-term mortgage rates rose for the fifth week in a row. The 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.7 point. The 15-year FRM this week averaged 4.17 percent with an average 0.7 point.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.77 percent this week. And the 1-year Treasury-indexed ARM averaged 3.35 percent this week with an average 0.7.